29 Amendments of Sylvie GOULARD related to 2009/0064(COD)
Amendment 546 #
Proposal for a directive
Article 5 – paragraph 1 - introductory part
Article 5 – paragraph 1 - introductory part
Amendment 549 #
Proposal for a directive
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) information on the persons who effectively conduct the business of the AIFM and the identities of the AIFM shareholders or members of the AIFM, whether direct or indirect, natural or legal persons, that have qualifying holdings and of the amounts of those holdings;
Amendment 552 #
Proposal for a directive
Article 5 – paragraph 1 – point b
Article 5 – paragraph 1 – point b
(b) a programme of activity setting out the organisational structure of the AIFM, including information on how the AIFM intends to comply with its obligations under cChapters II, III, IV, and where applicable, V, VI and VII;
Amendment 554 #
Proposal for a directive
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) detailed information about the investment strategies including the AIFM’s policy as regards the use of leverage, and the risk profiles and other characteristics of the AIF it manages or intends to manage, including the identificinformation ofabout the Member States or third countries oin whose territory they are domicileich they are established or are expected to be established; (ca) information about the domicile of underlying funds, if such AIF is a fund of funds; (cb) information about the domicile of the master fund;
Amendment 557 #
Proposal for a directive
Article 5 – paragraph 1 – point d
Article 5 – paragraph 1 – point d
(d) the fund rules or instruments of incorporation of each AIF the AIFM intends to manages;
Amendment 558 #
Proposal for a directive
Article 5 – paragraph 1 – point d a (new)
Article 5 – paragraph 1 – point d a (new)
(da) where already available, the fund rules or instruments of incorporation of each AIF the AIFM intends to manage;
Amendment 559 #
Proposal for a directive
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(e) where already available, information on arrangements made for the delegation to third parties of management services functions as referred to in Article 18 and where applicable Article 35;
Amendment 562 #
Proposal for a directive
Article 5 – paragraph 1 – point f
Article 5 – paragraph 1 – point f
(f) where already available, information on the arrangements made for the safe- keeping of the assets of AIF including, where applicable, arrangements made under Article 38;
Amendment 563 #
Proposal for a directive
Article 5 – paragraph 1 – point g
Article 5 – paragraph 1 – point g
(g) where already available, any additional information referred to in Article 20(1) for each AIF the AIFM manages or intends to manage.
Amendment 1227 #
Proposal for a directive
Article 24 – paragraph 2 - subparagraph 1
Article 24 – paragraph 2 - subparagraph 1
2. The Commission shall adopt implementing measuresAfter having heard the ESRB and the ESMA, the Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors.
Amendment 1232 #
Proposal for a directive
Article 25 – paragraph -1 (new)
Article 25 – paragraph -1 (new)
Amendment 1233 #
Proposal for a directive
Article 25 – paragraph 1
Article 25 – paragraph 1
1. Member States shall ensure that the competent authorities of the home Member State of the AIFM use the information to be reportgathered under Article 241 appropriately for the purposes of identifying the extent to which the use of leverageAIFM’s activities contributes to the build-up of systemic risk in the financial system or risks of disorderly markets.
Amendment 1237 #
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. HThe competent authorities of the home Member States of the AIFM shall ensure that all information receivgathered under Article 24, aggregated1 in respect of all AIFM that ithey supervises, are is promptly conveyed to the ESMA and is made available to other competent authorities of the other Member States and to the ESRB through the procedures set out in Article 46 on supervisory co-operation. ItThey shall, without delay, also provide information through this mechanism, and bilaterally to to the ESMA and the ESRB, and bilaterally to the competent authorities of other Member States directly concerned, if the activities of an AIFM under itstheir responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in those other Member States, or could affect the sound functioning of financial markets.
Amendment 1246 #
Proposal for a directive
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)
2a. In addition to their reporting obligations to the ESMA under paragraph 2, the competent authorities of the AIFM home Member State shall: (a) respond promptly to any request on the part of the ESMA, whether such request relates to the AIFM they supervise, the AIFs managed by those AIFMs, or is of a general nature; (b) provide the ESMA promptly with the conclusions of their assessments of the risks that the activities of an AIFM with regard to the AIF that it manages could entail, including the measures that the competent authorities of the AIFM home Member State propose to take in that respect; and (c) provide the ESMA with any information produced by them or in their possession, which they consider to be relevant for the purpose of the ESMA’s purpose.
Amendment 1252 #
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
3. In order to ensureFor the purpose of the stability and integrity of the financial system, the Commission shall adopt implementing measures setting limits to the level of leverage AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy and the sourcesmarkets, the ESMA may, in consideration of the assessments and analyses undertaken in the course of its supervision, develop and adopt technical standards which are legally binding. Such technical standards may, in particular, relate to the level or nature of their leverage. Those measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3) used for a given investment strategy in specific circumstances, or the weight, concentration or correlation of investments by AIF on a given market.
Amendment 1275 #
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
4. IOn exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system,the basis of the information provided to it under this Directive, whether on a regular or ad hoc basis or on request or by any other means, and for the purposes of the stability and integrity of the financial markets, the ESMA: (a) shall supervise and assess the risks associated with the activities of any AIFM with regard to the AIF it manages. For the purpose of its assessment, the ESMA shall liaise with the ESRB and the competent authorities of the AIFM home Member State; (b) may, where it deems it to be necessary, request complementary information that it considers relevant from the AIFM concerned either directly or through the competent authorities of the AIFM home Member State; (c) may, on its own initiative and/or in the absence of appropriate action on the part of the competent authorities of the AIFM home Member State, adopt individual decisions requiring the competent authorities of the AIFM home Member State may impose additional limits to the level of leverageto take the necessary action to address any risks that may jeopardise the integrity of financial markets or the stability of the whole or part of the financial system by ensuring that appropriate requests be made or restrictions imposed in relation to the activities of one or several AIFM with regard to the AIF it or they manage; such requests or restrictions include limits on the leverage, in particular regarding its level or nature, that an AIFM can employ. Measures taken bymay employ, taking into account, inter alia, the type of AIF, their strategy, the sources of their leverage and the concentration of their investments, the market conditions in which the AIF operate and the possible pro-cyclical effects following the implementation of such limits; such requests or restrictions also include amendments to the AIF investment policy, in relation to which the ESMA shall inform the ESRB of the individual decisions it has made; where the competent authorities of the AIFM home Member States shall have a temporary nature and should comply with the provisions adopted by do not comply with such an individual decision of the ESMA within the period laid down therein, the ESMA may adopt an individual decision addressed to one or several AIFM concerned requiring the latter to take the necessary action (including the cessation of any practice) to comply with the individual decision of the ESMA; the ESMA’s individual decisions which are directly addressed to the AIFM shall prevail over any previous decisions of the Ccommission pursuant to paragraph 3. petent authorities of the AIFM home Member State on the same matter; in any event, any action taken by the competent authorities of the AIFM home Member State in relation to facts which are subject to an ESMA’s individual decision either addressed to the competent authorities of the AIFM home Member State or to the AIFM, shall be compatible with such individual decision.
Amendment 1288 #
Proposal for a directive
Article 26 – title and paragraph 1
Article 26 – title and paragraph 1
Amendment 1304 #
Proposal for a directive
Article 26 – paragraph 2
Article 26 – paragraph 2
2. This section shall not apply where the issuer or theFor the purpose of paragraph 1, AIFM shall, prior to the acquisition of a non- listed company concerned are small and medium enterprises that employ fewer than 250 persons, have an annual turnover not exceeding 50 million euro and/or an annual balance sheet not exceeding 43 million euro. , inform the competent authorities of their Member State where the contemplated acquisition may entail, either directly or indirectly, the targeted company’s debts are higher than a multiple of the company’s valuation. In such a case, the competent prudential authorities shall perform prudential controls on the potential consequences of the acquisition in particular having regard to the related systemic risks.
Amendment 1308 #
Proposal for a directive
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
2a. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c specifying the notions of non- listed companies, acquisition of control, multiple (including the determination of its basis), and valuation, and determining the prudential rules that are applicable in this respect.
Amendment 1313 #
Proposal for a directive
Article 27
Article 27
Amendment 1336 #
Proposal for a directive
Article 28
Article 28
Amendment 1392 #
Proposal for a directive
Article 29
Article 29
Amendment 1431 #
Proposal for a directive
Article 30
Article 30
Amendment 1613 #
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
1. The competent authorities responsible for the authorisation and supervision of AIFM under this Directive shall communicate information to the competent authorities of other Member States where this is relevant for monitoring and responding to the potential implications of the activities of individual AIFM or AIFM collectively for the stability of systemically relevant financial institutions and the orderly functioning of markets on which AIFM are active. The Ccommittee of European Securities Regulators (CESR) established by Commission Decision 2009/77/EC of 23 January 20091 shall also be informed and shall forward this information topetent authorities responsible for the authorisation and supervision of AIFM under this Directive shall also ensure to efficiently inform the ESMA in particular by: - complying with their reporting obligations to the ESMA under this Directive, in particular those under Article 25; - promptly responding to any request on the part of the ESMA, whether such request relates to AIFM that they supervise or AIF managed by those AIFM, or is of a general nature; - promptly providing the ESMA with the conclusions of their assessments of the risks that the activities of an AIFM with regard to the AIF it manages could entail, including the measures that the competent authorities of the AIFM home Member State propose to take in this OJL 25, 29.01.2009, p. 18-22 respect; and - providing the ESMA with any information produced by them or that is in their possession, that they deem relevant for the purpose of the ESMA’s mission. The ESMA shall forward to the competent authorities of the other Member States the information provided by the competent authorities of the AIFM home Member State that is relevant for the purpose of the supervision of the competent authorities of the other Member States. 1
Amendment 1616 #
Proposal for a directive
Article 46 – paragraph 2
Article 46 – paragraph 2
2. ASubject to the conditions laid down in Article 15 of Regulation (EU) No ... [on Community macro-prudential oversight of the financial system and establishing a European Systemic Risk Board] aggregated information relating to the activities of AIFM under itstheir responsibility shall be communicated on a quarterly basis by the competent authorityies of the AIFM to the Economic and Financial Committee established by Article 114(2) of the EC Treatyhome Member State to the ESRB.
Amendment 1619 #
Proposal for a directive
Article 46 – paragraph 3
Article 46 – paragraph 3
3. The Commission shall adopt implementing measures specifying the modalities, content and frequency of the information to be exchanged pursuant to paragraphs 1 and 2.
Amendment 1621 #
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
1. The competent authorities of one Member State may request the co- operation of the competent authorities of another Member State in a supervisory activity or for an on-the-spot verification or in an investigation on the territory of the latter within the framework of their powers pursuant to this Directive, promptly informing the ESMA thereof. Where athe competent authorityies receives a request with respect to an on-the-spot verification or an investigation, ithey shall perform one of the following: (a) carry out the verification or investigation itselfthemselves; (b) allow the requesting authority to carry out the verification or investigation; (c) allow auditors or experts to carry out the verification or investigation. When carrying out the verification or investigation referred to in this paragraph, the competent authorities shall take into account any comments provided by the ESMA in this regard.
Amendment 1622 #
Proposal for a directive
Article 47 – paragraph 3 a (new)
Article 47 – paragraph 3 a (new)
3a. The competent authorities of a Member State shall promptly inform the ESMA of situations where a request: (a) to carry out an investigation or on-the- spot verification under paragraph 1 has been rejected or has not been acted on within a reasonable time; or (b) for authorisation for its officials to accompany those of the competent authorities of the other Member State has been rejected or has not been acted upon within a reasonable time.
Amendment 1623 #
Proposal for a directive
Article 47 – paragraph 4 – subparagraph 1
Article 47 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measure, in accordance with Articles 49a, 49b and 49c, adopt delegated acts concerning procedures for on-the-spot verifications and investigations and the modalities of information of the ESMA under this article.